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Web Lec

Web 2.0 banking proves a popular idea

WorkLight : 04 June, 2008  (Technical Article)
Worklight study demonstrates a growing willingness among the under-35's to use internet banking using secure Web 2.0 technology
Research released by WorkLight indicates a strong desire for Web 2.0 banking tools among customers. The company, which enables secure use of consumer Internet tools for business, revealed that a staggering 1 in 4 Facebook users would consider leaving their bank to be able to obtain online banking through Web 2.0 gadgets. Polling Facebook users between the ages of 18 and 34, the survey also determined that nearly half of those asked would take advantage of secure Web 2.0 gadgets for online banking.

As Web 2.0 continues to be adopted around the world, consumers are looking for new ways to leverage popular tools such social networks (Facebook, MySpace, Bebo), personalized homepages (Netvibes, iGoogle, Windows Live, etc), RSS and desktop widgets, in order to do business.

The survey of 1000 Facebook users, conducted by WorkLight, discovered that 48% of respondents would take advantage of online banking with Web 2.0 gadgets if their banks offered this service.

The profile of the typical Web 2.0 banking customer was revealed to be males between the ages of 25-34. According to the study, men are slightly more open to managing personal financing with Web 2.0, with 55% of men responding in the affirmative, versus 45% of women in the research group. Among the age groups, the 25-34 year olds seemed slightly more open to the idea of Web 2.0 banking with 53% saying they would take advantage of the service, compared to 45% for the 18-24 year olds. Moreover, 25-34 year olds (33%) are more likely to switch to another bank that offered Web 2.0 gadgets for online banking than 18-24 year olds (21%).

David Lavenda, VP Marketing and Product Strategy at Worklight: "To lose a quarter of your customers to competitors who have provided secure Web 2.0 banking would bear a significant impact on existing business. This is particularly true at a time when financial services companies are struggling to retain and acquire customers in a market that saturated with new competitors and countless new offerings."

Security in Web 2.0 is an issue that will affect customer loyalty across industries, with financial services leading the pack. To meet this need, WorkLight has spearheaded the establishment of the Secure Enterprise 2.0 Forum. The forum consists of senior executives of Global 500 organizations, industry experts and vendors, who have banded together to find ways to secure Web 2.0 for business.

WorkLight are sponsors of The Future of Retail Banking Conference, 4th -5th June at London Marriott Hotel Grosvenor Square.
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